Caldwell County to receive $300,000 over three years thanks to TVA
Caldwell County, as well as 38 other counties in Kentucky, will receive $300,000 over the next three years thanks to TVA’s in lieu of tax law.
Lake Barkley Partnership Economic Development Director Amanda Davenport gave the Fiscal Court an update about House Bill 114 during a regular session meeting Tuesday morning. Davenport stated that the funds will be available to help booster economic development within the county and can be used in any way the county sees fit, within those economic development perimeters.
However the county will be not be allowed to hold the funds themselves, but rather they will be given to the Industrial Development Authority Board. The county must then submit a project proposal, in partnership with the IDA Board, outlining how the funds will be used. The Department of Local Government will then have to approve the proposal before the IDA Board receives any of the funds. After receiving the funds the IDA Board and Caldwell County Fiscal Court will then sign a memorandum of agreement to use the funds towards the desired projects.
Thanks to House Bill 114 all funds that TVA pays to the state now go to the local counties that TVA services instead of going into the state’s general fund.